The Tether stablecoin issuer has transferred over 8,400 Bitcoins to its reserve, the largest move since March 2024.
The Tether stablecoin issuer has transferred nearly $780 million worth of Bitcoin to the company's Bitcoin reserve, marking the largest move since March.
According to Arkham Intelligence, the wallets labeled as Tether's Bitcoin reserve have received two separate transfers, of approximately 7,628.9 BTC and 775.6 BTC on December 30, totaling nearly 8,404.5 BTC.
These latest BTC additions have a total value of $777.4 million, with Bitcoin trading around $92,500. This brings Tether's total Bitcoin holdings to 83,759 BTC, worth nearly $7.75 billion.
Tether, the issuer of the USDT stablecoin, first announced in May 2023 that they plan to "regularly allocate up to 15% of their realized net profits to purchase Bitcoin."
This is the first major move by Tether since March 31, when the company added around 8,888.88 BTC, just weeks after Bitcoin surpassed $70,000 for the first time and reached an ATH.
BTC has more than doubled in value in 2024, currently up over 108% for the year. However, the cryptocurrency has declined this week and is now below its mid-December record high of around $108,000.
Tether is now the second-largest private company holder of BTC, behind only the 140,000 BTC held by blockchain software company Block.one, according to data from Bitbo.
Tether's total BTC holdings put it in the third spot among the largest private and public companies holding Bitcoin, led by MicroStrategy with 446,400 BTC.
Corporate Bitcoin treasuries have grown in prominence due to BTC's price appreciation this year, with some companies announcing they are adding the cryptocurrency to their balance sheets to boost their stock prices.
One of the latest companies to adopt BTC, KULR Technology Group, said on December 16 that it spent $21 million to purchase 217.18 Bitcoin, causing its stock price to surge more than 40% in a day to a record high of $4.80.
Additionally, biopharmaceutical company Quantum BioPharma announced on December 20 that it had purchased $1 million worth of Bitcoin and other cryptoassets to diversify its treasury.
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The article Tether transfers $780 million in Bitcoin to reserves - the largest move in 9 months first appeared on CoinMoi.
